Carolina Journal’s Barry Smith reports on Monday’s announcement of historic tax reform.

GOP Gov. Pat McCrory called a tax reform compromise reached between him and legislative leaders “another historic step to ensure what I refer to often as a Carolina comeback.”

House Speaker Thom Tillis, R-Mecklenburg, said it was proof that that reports of the death of cooperation between the House and the Senate “have been grossly over-exaggerated.”

Senate President Pro Tem Phil Berger, R-Rockingham, called the agreement “a historic day for North Carolina,” saying it’s the first time since the Great Depression that state leaders have come together to make fundamental reforms in the state’s tax structure.

The nonpartisan Tax Foundation, based in Washington, D.C., said the reform plan announced Monday would leapfrog North Carolina’s business tax climate from 44th in the nation to 17th. North Carolina would trail only No. 15 Tennessee among neighboring states in its tax climate ratings.